Optimism in the face of COVID19 challenges
The COVID19 pandemic has affected many different industries – and the adverse effects have been swift and dramatic for some businesses.
Because of the stock market’s volatility in response to the economic effects related the pandemic, investors have debated if the housing and construction industries will react similarly.
Although economic reports can be unsettling, I want you to know that the Southern California construction industry is strong and healthy.
Overall, there are positives for the construction and building industries during this tumultuous time.
In California, the construction materials industry is considered an essential business. Fortunately, the state’s construction industry is permitted to continue its operations.
Another positive is that mortgage rates are historically low. Even if rates climb, these rates are some of the lowest that Americans have experienced in their lifetime.
When considering these incredibly low interest rates and the notable shortage of homes for sale, the potential for industry growth is highly likely. Some industry experts and economists predict that even though the market might decline in the short term, pent-up demand will lead to a rapid rise in home sales, construction and building.
Financial analysts also speculate that the construction industry will be one of the last industries to lay off workers due to the shortage of skilled workers that has existed in recent years.
Like all industries, construction firms are taking proactive measures to help protect their workers, clients and ongoing projects.
Professional associations, such as the Building Industry Association (BIA), the National Association of Homebuilders (NAHB), and the Associated General Contractors of America (AGC), are working closely with federal, state and local officials to ensure the safety of all workers, maintain supply chains and strengthen the industry.
During this unprecedented time, Murfey Company is busy these days despite the California Shelter in Place Order. Most of our projects are moving forward with little delay. We are focused on upcoming projects and exciting new opportunities, and we continue to be optimistic.
Murfey Company continues to work with clients and to move forward with preconstruction services and consultations, current projects and design planning. Our team is available to answer questions and assist clients with meeting their goals.
Although the future will be challenging for builders, there is hope on the horizon.
For more information about Murfey Company go to www.murfeycompany.com.
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